My credit is arouns 520, (i know, horrible) i want a new car i already have one paid in full that i want to give to a family memeber, my question is would a hummer dealer or a cadillac dealer give finacing to someone with bad crdit, i don't mind paying higher interest.
2007-10-11 09:49:08 · 8 answers · asked by errerer 1 in Business & Finance ➔ Credit
Auto finance is what I do for a living and anything is possible with enough cash down payment.
You most likely will not find a Hummer or Cadillac dealer that has a Special Finance department and this is what a score of 520 is going to require for you to be approved.
Your best bet would be a equity deal where you put $10,000.00 down and then G.M.A.C. may approve you.
2007-10-11 09:57:54 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Your credit score is salvageable. I am guessing you could pay it off before your BK would come off your credit report. The score is low either because of missed payments (on time payments for a year will improve it) or because you are overextended (in which case close the accounts but pay themoff). Either way, you will get a better score faster with this than with BK. Also, after a BK your interest will be high fo the whole time it is on your report which is usually 7-10 years depending on your state's laws. In the meantime, get a car at a buy here/pay here type of financier and use Craigslist for free or cheap furniture.
2016-05-21 23:04:11 · answer #2 · answered by dona 3 · 0⤊ 0⤋
You need to learn the basic of personal financial management and learn to live within your means. You are in no shape to give a paid in full car to a family memeber. I never hear of a credit score 520, I thought the lowest is 650. NO, you will not get approved at all, not even with high interest rates. Keep you paid in full car for yourself. You need to be in a much, much better financial shape before you can help any one else. Please help yourself first. In a way, that kind of helping your family out already by being in healthy financial status for yourself.
2007-10-11 10:19:26 · answer #3 · answered by Anonymous · 0⤊ 2⤋
I think it would be very difficult. Your credit history indicates you are not very good with your money - which makes a car dealer wonder not only HOW you are going to pay for it - but rather WILL you pay for it. You should not even be considering a new car until you improve your score. Buying another expensive item - even if they will let you, will lower your score even farther. Wait until you have your finances in order to get a new car.
2007-10-11 09:54:04 · answer #4 · answered by arkiemom 6 · 2⤊ 1⤋
They could, but like you said, you'd end up paying a higher interest rate. You don't want that though, you could buy a used Hummer or Cadillac.
2007-10-11 09:53:48 · answer #5 · answered by spyder 5 · 0⤊ 1⤋
You will have difficulty getting financing.
But more then that, it is stupid to pay high interest for a car when you already have one. Obvously you have trouble paying your bills or you would not have such a low credit score. Tear up your credit cards and pay cash for everything.
2007-10-11 09:56:50 · answer #6 · answered by Libby 6 · 2⤊ 1⤋
and why do you have bad credit? Wasting money on
something you can get later after your bad credit is cleared
up and you'll get a better interest rate.
2007-10-11 12:04:09 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If you do not mind paying exorbitant interest, then yes, almost every car dealership can find financing for you.
2007-10-11 09:53:31 · answer #8 · answered by claudiacake 7 · 0⤊ 0⤋